A pathologist achieved financial stability by selling their house, shifting education costs, and not paying off student loans. The podcast also discusses the importance of disability and life insurance for doctors and provides guidelines for buying a home and doctor mortgages.
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Gradual Transition Back To One Job
The guest is a pathologist six years out of training who gradually reduced side gigs and nonclinical roles before returning to a single full-time job.
She kept a foot in clinical work via small contracts while exploring a sustainable long-term academic position.
question_answer ANECDOTE
Side Gigs Built Cash And Career Skills
She moonlighted as a medical examiner in residency and taught online for an education company, earning meaningful extra income.
Those side jobs provided both cash and career skills used later during the pandemic and job changes.
insights INSIGHT
Budgeting Changed Their Financial Trajectory
Discovering personal finance and getting 'back to broke' triggered disciplined budgeting and rapid loan payoff that changed their trajectory.
Paying down $40,000 in student loans early enabled greater retirement contributions and financial confidence.
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This pathologist is celebrating getting her financial ducks in a row and finally feeling ready to give up her side gigs and just work one job. She made some important steps that allowed them to feel confident that they were doing enough to secure their financial future. Some of those changes included selling their money pit house and went back to renting, shifted some child education costs for their special needs child, and not paying off her student loans right now because of the low interest rate. By not paying off the loans they are able to save and invest more. We hope you enjoy this unique interview! Stick around after the interview for a discussion about buying a house for Finance 101.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. https://www.whitecoatinvestor.com/insurance/
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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